Supreme Court to Rule on Wealth Taxation.

The Supreme Court is set to hear a case next session on Congressional authority to levy taxes, which could potentially upend longstanding parts of the tax code and open the door for big corporations to get refunds for what they paid in one-time taxes on their overseas profits. If the case is decided in favor of the petitioners, it could kill Democrats’ most ambitious tax proposals, from a wealth tax to President Joe Biden’s proposal for an annual minimum tax on wealthy Americans. The decision would drop in the homestretch of the 2024 election and just a few months before much of the GOP’s sweeping Trump-era tax breaks are set to expire in 2025.